Increasing burden of cardiovascular diseases has made the global population realize the importance of physical activities in daily routine. This has increased demand for cardiac rehabilitation programs
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In the highly consolidated global market for cardiac rehabilitation, innovations and product costs will be major determinants of success, marks a recent report by Transparency Market Research. The top two companies in the market, Brunswick Corporation and Technogym, had a clear hold on the market’s overall growth prospects, accounting for a combined share of over 50% in 2015.
Other leading vendors such as Brunswick Corporation, Johnson health Tech Co., and Amer Sports, in combination with these two companies, accounted for a share of nearly 70% in the global market in the same year.
Rising Global Population of Geriatrics to be Major Driver
The world’s population of people aged more than 60 years is rising at a rapid pace, upping the risk of cardiovascular diseases as aging has a major impact on the body’s cardiovascular system.
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According to the Institute for Health Metrics and Evaluation, the world’s geriatric population suffered a 55% rise in deaths due to cardiovascular diseases between the period of 1990 and 2013.
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WHO statistics, on the other hand, highlight another major concern – the high prevalence of cardiovascular diseases and resultant rise in deaths in developing and underdeveloped countries. Low- and middle-income countries in developing and underdeveloped parts of the globe account for a staggering 82% share in the total number of deaths caused due to non-communicable diseases across the world; of these, cardiovascular diseases account for a massive 37% share.
Driven with the aim of improving the situation, sustained efforts for preventing and treating cardiovascular diseases undertaken on national and international levels will have a major impact the global cardiac rehabilitation market in the future.
High Product Costs to Constrain Demand for Cardiac Rehabilitation
Being a highly capital- and research-intensive marketplace, cardiac rehabilitation products, quite naturally, carry a high price tag and always carry the risk of being outclassed by newer and most often technologically advanced products in the market. In this highly dynamic market, where the rate of introduction of technologically advanced varieties of product types is immense, the high and rising costs of cardiac rehabilitation products are a major restraints for further expansion.
Cost is a major constraint especially for the market’s growth in developing regions such as Asia Pacific and Latin America.
Apart from the factor of cost, low enrolments in cardiac rehabilitation programs and lack of skilled resources providing cardiac rehabilitation services are also major restraints for the global cardiac rehabilitation market. To overcome the challenge of low enrolments, vendors will have to focus more on formulating programs that have flexible schedules and are sensitively priced according to the region of operation.
Intervention from government and private educational institutes will be necessary for increasing the number of rehabilitation counsellors on a global front.
The global market for cardiac rehabilitation had a valuation of US$1,010.93 mn in 2015. It will expand at a healthy 5.4% CAGR from 2016 through 2024 and rise to a valuation of US$1,622.9 mn by 2024.
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